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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 01-15-2019, 09:21 AM
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tenderhearts tenderhearts is offline
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Default Doing Own Taxes

I am so frustrated I want to cry right now. Our original tax preparer closed 3 years ago so we had to search for a new tax preparer. Found an enrolled agent which ended up being a NIGHTMARE with this lady so last year we searched again.
Found another enrolled agent very close to us, we absolutely loved her and her services. I felt very comfortable with her.
Well I just called to schedule our appoinment and was informed she isn't doing taxes this year due to health issues.

I don't know what to do, all the other EA in my area have horrible reviews, others are extremely over priced.

Is it easy to do it with a program myself? I am not worried about anything really except for things that have to be transferred for depreciation and new depreciation stuff.
Is this possible, easy?
I feel like I don't want to do this job anymore for this reason, if I had a normal job I wouldn't be in this? Please help. Oh I should mention that it's only my business as my hubby is unemployed.
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Old 01-15-2019, 10:05 AM
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TomCopeland TomCopeland is online now
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Default finding a tax preparer

Quote:
Originally Posted by tenderhearts View Post
I am so frustrated I want to cry right now. Our original tax preparer closed 3 years ago so we had to search for a new tax preparer. Found an enrolled agent which ended up being a NIGHTMARE with this lady so last year we searched again.
Found another enrolled agent very close to us, we absolutely loved her and her services. I felt very comfortable with her.
Well I just called to schedule our appoinment and was informed she isn't doing taxes this year due to health issues.

I don't know what to do, all the other EA in my area have horrible reviews, others are extremely over priced.

Is it easy to do it with a program myself? I am not worried about anything really except for things that have to be transferred for depreciation and new depreciation stuff.
Is this possible, easy?
I feel like I don't want to do this job anymore for this reason, if I had a normal job I wouldn't be in this? Please help. Oh I should mention that it's only my business as my hubby is unemployed.
Unfortunately, it's not uncommon for providers to not be able to find a tax preparer who understands their business. You could do your own taxes with my book 2018 Family Child Care Tax Workbook and Organizer. Or, to find a tax preparer, read my article: http://tomcopelandblog.com/find-choo...x-professional
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Old 01-15-2019, 10:10 AM
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tenderhearts tenderhearts is offline
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Thank you, I have used your link to find a tax preparer. It's just seems impossible to find someone that knows it. I will look into the workbook, aside from that is there a program you would recommend?
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Old 01-15-2019, 11:51 AM
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kendallina kendallina is online now
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Default

For the past ten years I've done my own with the help of Tom's books-they are a lifesaver! He breaks everything down so it's simple to understand. I didn't use a program, just created my own spreadsheets based on the information I needed to calculate for my taxes. Then I used the online fillable form on the IRS website. It is definitely possible! Especially if you have a few years of examples to look back on.

For the first time ever, we're actually hiring someone to do ours because I need someone to do my dad's (he passed away this year) and we inherited some IRA's and I want to make sure I don't mess it up. Next year I'm probably do them myself again.
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Old 01-15-2019, 03:33 PM
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tenderhearts tenderhearts is offline
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Great thanks, I am going to purchase his book he recommended and I do have some others of his. I guess where I get caught up is, how to a do a new return myself and put the stuff on it that is already being depreciated over time? So our house addition that we did 10 years ago and other stuff on there? Do you just enter it in and it automatically figures it out from the year you are on? So our house addition for example, it has been being depreciated since 2008, so do we just enter in from past return like last year and it figures it out for you? Does that make sense?thank you
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Old 01-17-2019, 11:36 AM
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Default tax software

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Originally Posted by tenderhearts View Post
Thank you, I have used your link to find a tax preparer. It's just seems impossible to find someone that knows it. I will look into the workbook, aside from that is there a program you would recommend?
I don't recommend using any tax software. I'll be writing about them next week.
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Old 01-17-2019, 11:37 AM
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TomCopeland TomCopeland is online now
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Default depreciation

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Originally Posted by tenderhearts View Post
Great thanks, I am going to purchase his book he recommended and I do have some others of his. I guess where I get caught up is, how to a do a new return myself and put the stuff on it that is already being depreciated over time? So our house addition that we did 10 years ago and other stuff on there? Do you just enter it in and it automatically figures it out from the year you are on? So our house addition for example, it has been being depreciated since 2008, so do we just enter in from past return like last year and it figures it out for you? Does that make sense?thank you
Claiming depreciation from a purchase in 2008 is entered on Form 4562, line 17. You'll need to know how much depreciation is allowed this year by looking at what depreciation rule was followed starting in 2008.
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